Skip a Payment Program
Skip Up to Two Monthly Payments Each Calendar Year
Take advantage of Cornerstone’s Skip a Payment Program and skip up to two monthly payments each calendar year on Auto, RV, Personal Loans or Visa Credit Card. Skipping a payment under this program will not affect your credit rating. All skipped payments are added to the end of the loan term, and interest continues to accrue during the skip.
To request to Skip a Payment, please follow the Skip Payment Coupon link below.
Request to Skip a Payment
There are three ways to request to skip a payment on a loan:
- Visit your branch to fill out the Skip A Payment Coupon.
- Call us at 716-434-2290 to request a copy of the coupon be mailed or faxed to you.
- Print a coupon online, fill it out and mail or fax the completed coupon.
Download a Skip a Payment Coupon
Frequently Asked Questions
What is the Skip A Payment program?
Cornerstone CFCU’s Skip A Payment program allows you to skip up to two monthly payments each calendar year on certain loans. Those payments are then added to the end of your loan term. Skipping a loan under Cornerstone’s program does not impact your credit rating.
What loans are eligible for skips?
Signature loans, auto loans, boat and RV loans and motorcycle loans are all eligible provided the loan is at least six months old. Loans less than six months old are not eligible for a skip.
What loans are NOT eligible for skips?
Mortgage loans, share or certificate secured loans, home equity loans or lines of credit (HELOCS), credit cards, commercial or business purpose loans, student loans, student purpose loans, sharedraft overdraft lines of credit and personal lines of credit are not eligible for the Skip A Payment program. Also, loans less than six months old are not eligible for a skip.
Am I eligible?
To be eligible, your loan must be open six months and in good standing. That means your loans must be current, which includes no year-to-date late fees on the loan, and payments must have been made within the courtesy period every month in the calendar year in which you are requesting your skip. You must be a member in good standing. All accounts and loans must be up to date.
Is there a fee?
Cornerstone is currently waiving the $25 processing fee applied to each skip request per loan.
What if my loan has a cosigner?
All borrowers on the loan must sign the Skip A Payment Coupon to acknowledge and agree to the terms of the skip payment.
How does it affect my loan?
The skipped month(s) will be added to the end of your loan, extending the loan term and changing the total amount and schedule of repayment. Interest will continue to accrue at the rate set forth in the loan/credit agreement during the skipped months, and after the deferral period; there will be an increase in the total finance charges. In all other respects, the provision of the loan/credit agreement shall remain in full force and effect.
What if I have automatic payments?
If you have automatic payments from a CCFCU account, we’ll arrange your skip for the month you’ve selected. Please have your skip request to us 5 days prior to your payment date. This gives us time to modify your automatic payment for the month you’ve requested your skip.
What if I pay my loan through online Bill Pay?
Bill Pay is different than an automatic transfer payment. If you use CCFCU’s Bill Pay or Bill Pay from another financial institution, you’ll need to log into Bill Pay to stop and restart the payment yourself. Don’t forget to turn it back on after your skip!
How often can I skip?
As long as you continue to be eligible, you may skip any eligible loan payment twice in one calendar year. However, the skip payments on any single loan must occur at least 60 days apart.
Can I skip anytime?
Yes, you can, but remember that you can only skip a payment on the same loan a maximum of two times per calendar year, and you must wait at least 60 days between skips. Also, skip coupons must be returned to us no less than five days prior to your requested skip date.
How will this affect my credit life and disability coverage?
Monthly premiums for Credit Life/Disability will still be added to the loan on the skipped month, if applicable. Any Credit Life/Disability insurance that you have on your loan(s) will terminate on the maturity date outlined in your original loan agreement.
Terms and Participating Information
By participating in Cornerstone CFCU’s Skip A Payment program, you request that Cornerstone CFCU defer your loan payments as indicated. You agree and understand that:
1. Finance charges will continue to accrue at the rate provided in your original loan disclosures and agreements.
2. Deferring a payment will result in higher total finance charges than if you made payments originally as scheduled.
3. The payment will extend the term of your loan(s) and you’ll have to make an extra payment(s) after your loan(s) would be otherwise paid off.
4. You agree and are required to resume your regular payment schedule after the “skipped” month.
5. You can only skip two payments per loan within a 12 month period with this program.
6. Cornerstone is currently waiving the $25 processing fee applied to each skip request per loan.
7. For members who have Guaranteed Asset Protection (GAP), claim coverage does not extend to the amount of payment(s) deferred. In addition, the coverage benefit may be affected.
8. Monthly premiums for Credit Life/Disability will still be added to the loan on the skipped month, if applicable.
9. Any Credit Life/Disability insurance that you have on your loan(s) will terminate on the maturity date outlined in your original loan agreement.
Additional eligibility requirements are explained in the “Frequently Asked Questions” section. Not all loans are eligible for Skip A Payment; see “Frequently Asked Questions” for details.